Meaning of “sealed-bid auction” in the English Dictionary

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"sealed-bid auction" in Business English

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sealed-bid auctionnoun [ C ]

uk us

COMMERCE an auction in which buyers are given just one chance to make a secret offer, without knowing the amount of other offers:

The price paid was more than the market was expecting and significantly more than our competitors in the sealed-bid auction were prepared to pay.

(Definition of “sealed-bid auction” from the Cambridge Business English Dictionary © Cambridge University Press)